Buying a House - Why You Need a Conveyancer or SolicitorJun 29, 2018 1:10:56 PM
You've finally found the perfect home. It's time to make an offer–but how do you go about it?
Buying or selling a property is one of the biggest financial decisions you'll make. You want to get it right. Below, we outline how the conveyancing process works and why you need a professional conveyancer on your side.
What is conveyancing?
Put simply, conveyancing is the legal process of transferring ownership of a property from one party to another. The process begins when you make an offer on a property and it's accepted, and it ends once you receive the keys.
What do solicitors and conveyancers do?
Conveyancers are professionals who work within the real estate sector. They manage the legal transaction to ensure the property is properly transferred from one individual to another. Traditionally solicitors took care of this process (and still do), however now you can also employ the services of a conveyancer before you're ready to sign any contracts of sale with the other side. In fact, we recommend you seek professional advice as soon as you're interested in a property for some very simple reasons.
Why do I need a solicitor or conveyancer?
The most obvious reason for instructing a solicitor or conveyancer as soon as possible is that the conveyancing process is far more complicated than it may seem. There are many legal steps involved.
- Conveyancers and solicitors will alert you to any property issues before you purchase the property. They'll ensure you're getting the property you expect and there are no restrictions on your ownership.
- They understand the strict timeframes involved and will ensure you fulfil your legal obligations at each stage.
- Your conveyancer or solicitor will negotiate with the other side on your behalf and help you if things go wrong, such as if the other party breaches the contract.
- They lodge documents for you and even liaise with your lender to ensure the financing goes smoothly.
Questions to ask
You need to be sure your conveyancer or solicitor is right for you. Ask them:
- For an estimate of costs involved
- How long they've been working in conveyancing
- If they've identified any problems such as title and ownership restrictions
- How long the process will take and what happens if anything goes wrong